Pros and Cons of Rent to Own Housing In Dallas, Fort Worth And Surrounding Areas

Home Ownership Trends Are Shifting… Keep Reading To Find Out How They Might Make Owning A Home In Dallas, Fort Worth And Surrounding Areas Even Easier…

Credit-score-based mortgages… they were once the primary way of buying a house… but these traditional methods of purchasing a home are becoming less common than in decades past. The American Dream is shifting and the concept of home ownership (while still strong) is evolving…

As banks become tighter with their loan approval process, and as Americans are still digging out of the recession (and possibly any credit problems they may have fell into during the recession), many are turning to alternative means of purchasing a home…

… perhaps because they don’t have the credit, maybe because they don’t trust banks anymore, or even because they are learning that there are other ways to buy.

Renting apartments and houses has increased dramatically in recent years… and renting-to-own a house (or Lease Option as many people call it) has become a popular way for families to buy a local Dallas, Fort Worth And Surrounding Areas Texas house directly from a seller (after a rental period that usually lasts 12-24 months), without the stringent qualification process offered by banks.

There are many pros and cons of rent to own housing in Dallas, Fort Worth And Surrounding Areas Texas, which we will outline in this article.

Remember to read each detail of any contract that you sign, and consult with a financial advisor or rent-to-own expert if you have any questions, or if any part of the process is confusing to you.

Pros of Rent to Own Housing in Dallas, Fort Worth And Surrounding Areas Texas — Why It Can Be A Better Option

Easier Qualification

The largest hurdle to home ownership is usually qualifying for a loan for the house.

Lenders have become more and more stringent with income and asset requirements to approve a loan since the recession, and with the current state of the economy, many Americans just cannot meet these unrealistic expectations. In a rent-to-own situation, the seller can determine the guidelines of approving the contract, and is often much more reasonable than traditional banks.

And this means that usually there’s a much lower upfront payment to get into the house… and you don’t have to go through the complex process of qualifying for a bank loan.

Time to Improve Your Credit

As you’re renting to own a home, you have an opportunity (usually 1-5 years) to rebuild your credit rating so you can get a home loan to buy that house at the end of the rent to own / lease option agreement.

While working on your credit, you’ll have the opportunity to live in your future home, and when the term has ended, you’ll have saved both a down payment and hopefully increased your credit rating to get a traditional mortgage from a bank.

Cons of Rent to Own Housing – Some Drawbacks

Rent Can be More Costly

In a rent-to-own situation, including here in Dallas, Fort Worth And Surrounding Areas and all around Texas, the seller can charge more for monthly rental since it comes with the option to purchase the house. If a buyer is unable to purchase the home at the end of the term, they will have spent more to live in a home without the benefit of purchasing it.

So you need to be sure that you’re serious about potentially purchasing this house at the end of the rent to own agreement… otherwise you’d be better off just renting a house through the normal rental channels.

Lease Cancellation

Buyers must beware the risks involved with lease cancellation, eviction, and other factors when considering a rent-to-own home. If a buyer is late on payments or breaks the lease in any way, the option to purchase the home may be lost, and they will have forfeited all fees and additional rent they’ve paid for the ability to purchase at the end of the term.

So same goes here as in the first drawback… if you’re wanting to rent to own the house… be serious about it and use this as an opportunity to improve your credit and earn your way into a great house you’d love to own.

For many Dallas, Fort Worth And Surrounding Areas Texas residents who can’t get a traditional bank loan to buy a house, the Pros and Cons of Rent to Own Housing In Dallas, Fort Worth And Surrounding Areas are clear cut.

If you’re not fully committed to improving your financial situation, your credit, etc… doing a rent to own may not be the right fit.

Rent to own is an attractive option for many Americans. By knowing what you’re getting into, you have a prime opportunity to buy your dream home without meeting the often unrealistic standards set by traditional mortgage lenders.

Have Questions On How Our Local Rent To Own Program Works?

If you have questions about the rent to own / lease option process works… we’re here for ya!

Just click the link below to see our available properties… or connect with us by calling us at 469-795-1227 or through our contact page on this website.

Hear What Others Have To Say…

“I am settling into my new home and I want to express my deepest appreciation to you both for your assistance in the sale of my previous residence….”

- Susan P. (Home Owner)

Hi Michael,

Thank you so very much for speaking with me today. That deal just didn't feel right and I'm so thankful to you for taking out that few minutes with me. The guy who brought me into the deal never sent the pictures and he didn't understand what the big deal was. So of course I didn't move forward with anything and my gut tells me that's a good thing. If I come across anymore manufactured homes deals, I'll leave those deals to you and maybe we can work out a small finders fee to be eyes and ears on these as I'm still too new to the game and I'd rather focus on one thing at a time to get really good at it. The first one is free as you may have saved me 3k and for that I'm greatly appreciative. Thanks again and if you want to send me some criteria, I'll be happy to plug you into my buyer list for these. :)

Ta-Mara Horsey - Real Estate Investor

Working with Mike and Diana was a wonderful experience! Mike was very knowledgeable about the homes we were looking into and even helped us come up with simple renovations to make our house a home. Diana made the purchasing process simple by being the liaison between the homeowner, the mortgage company and us while keeping everyone's best interests at heart. I had anxiety in the beginning as a first time homebuyer and both Mike and Diana kept me assured and comforted through the process. From the time we made the offer to the time we closed was unbelievably fast and efficient. They were there for each party every step of the way and made the whole experience seamless! I will be referring everyone to Mike and Diana in the future. Thank you Mobile Home Offers!!!

My Husband and I were first time buyers and had no idea what to do or whom to talk to We felt all alone until Diana and Michael came to our rescue. They took care go everything we couldn't, they put everything in to terms that we could understand, and made the entire process a breeze when it could have been awful. If we ever think about buying again, we will immediately call the Wasneuski's, but in the mean time, we will refer them to everyone we know looking. They are an awesome team that helped us so much!

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